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5 Start-Up Mistakes That Can Kill Your Business

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5 Start-Up Mistakes That Can Kill Your Business

Everyone wants to have their own business but how many have what it takes to actually start one?

For some people starting a business is just a pipe dream, but entrepreneurs aren’t just “some people.” They’re highly-driven and ambitious people who choose to be in the driver seat because they want to steer their business in the right direction.

You need to have a high belief in yourself to become an entrepreneur considering only 50% of start-ups are still operating after five years.

While a good number of entrepreneurs have had years of work experience prior to starting their own business, becoming an owner is vastly different from being an employee.

From the outside and in theory, running a business seems easy; after all, haven’t we sometimes thought we could do a better job than our boss?

In reality, when you own a business the responsibilities are greater, the risks are higher, and the rewards could be few and far between.

In a nutshell, the number one reason why start ups fail is lack of experience. Entrepreneurship is a whole different ball game.

The challenges and nuances are different.

It doesn’t matter what your educational attainment is, where you worked previously or whom you know in business.

When you own a start–up, you’re subject to the statistical figures that have defined the industry.

The basic rule for building a successful start-up is the same as for any endeavor in life: limit the amount of mistakes that you make.

 

Here are five mistakes that can kill your start-up business:

 

1. Lack of research

Every business starts out as an idea, but not all ideas are viable.

Have you heard of “Paw Pals”? Probably not because the idea of a dating service for cats wasn’t appealing for the market either.

Just because you believe in your idea and are passionate about it doesn’t mean the market will embrace it.

You have to do the research.

When you don’t do enough research on your idea and rely mostly on gut feeling, you will become too emotional and disable your ability to react and adapt to conditions that are contrary to your business goals.

“A person who never made a mistake never tried anything new.” –  Albert Einstein

2. Searching for the perfect plan

On the other side of the spectrum, there are entrepreneurs who spend too much time planning and analyzing data.

They end up moving too slow and taking too long to launch that they invariably eliminate the greatest advantages of a start-up business: flexibility and mobility.

Because start-ups are small in scale and less processed or structured, it is easier for them to move and react to problems in their current business model.

But they need to move fast because the opportunity to be first and innovate can be lost to a competitor.

Unless a product or service is launched, everything remains theoretical. You cannot fine-tune your business until you allow it to perform in the market.

 

3. Blindly follow advice

It is always a good idea for entrepreneurs to seek the advice of people you can trust or those who have established a great reputation in business.

Keep in mind that advice comes from a person whose basis for formulating it could be a consequence of his or her own unique set of experiences or circumstances.

Given the ever-changing business conditions, these may no longer be relevant.

Seek advice but don’t forget #1 and do the research.

In the end, the best business adviser is you.

 “Ideas are easy. Implementation is hard.” – Guy Kawasaki

4. Lack of focus

Entrepreneurs can get easily distracted, especially if the original business plan isn’t doing well and cash resources are falling low.

The tendency is to shift strategy and look for a “quick hit”; a business idea that will generate the most money in the fastest amount of time even if it is not the entrepreneur’s core competence.

Success takes time to achieve. You need to find motivation and stay focused on your original purpose.

This is the reason why you should not spend too much time developing the perfect plan and focus instead on implementation.

A business plan should be flexible enough to accommodate changes in the business environment. Deviating from your original course could possibly cost you more money.

5 Start-Up Mistakes That Can Kill Your Business
 

5. Adapting fear based management

As tough as entrepreneurs are, some become too wary or averse of the risks and possibilities of failures that when making decisions they tend to favor those which present less risks even though the probability of its occurrence is minimal at best.

Failure is part of everyday life so you should no longer fear it.

The most successful entrepreneurs such as Sir Richard Branson, Jack Ma, and Mark Zuckerberg have embraced the reality of failure and this has allowed them to stay on track of their business strategy.

They know it exists and are prepared for it.

Fear is good because it keeps us on our toes but instead of freezing, we should keep moving.

Mistakes are bound to happen when you’re an entrepreneur.

It is part of the risk you take when you make the decision to start your own business, but mistakes happen for a reason. They will make you better if you learn from them.

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5 Women Who Revolutionized Tech and Made Millions

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There are many female entrepreneurs in today’s world revolutionizing the tech industry and owning their own unique craft. Before, technology and business was seen as a more male-dominanted industry that women rarely crossed into. That’s no longer the case. (more…)

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The Truth About Marketing Every First Time Founder Should Know

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While starting your own business is an exhilarating experience, many start-up founders struggle with successful marketing more than any other area of business. So if you’re thinking about starting a business, here are some of the key things you need to know about marketing before you take the plunge. (more…)

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Lessons I Have Learned About Scaling a Business as a Startup Founder

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When I set out to start my own business three years ago, I never imagined bright lights and private jets to New York or Shanghai for business meetings. Good thing I didn’t because it is nothing like that at all. It was a struggle from day one and I had to embrace the grind to grow. (more…)

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5 Hacks to Improve Your Writing Skills in English for ESL Learners

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Studying in college is hard for everyone, but ESL learners arguably suffer the most. Moving to a foreign country, learning a new language, and keeping pace with the rest of the class may seem like an unbearable burden. It’s okay to feel overwhelmed, but you have to pull through and not give up. 

In moments like this, it’s always a good idea to seek help. Whether you go to WriteMyPaper to order an essay or just talk to a friend, admitting vulnerability is an important step towards improvement. In this article, you will find some tips on how to get better at essay writing, even if English is not your native language.

 

Control Your Environment

Improving your language skills is all about constant practice. Living in an English-speaking community is the first thing you should do to start your practice. It might be tempting to surround yourself with people who already speak a familiar language. However, this way, you won’t be practicing English on a daily basis.

You need to make those lessons almost intuitive in a way that you don’t have to do anything to learn the language. If you live in an English-speaking community, for example, if your roommate speaks English, you will have to practice the language, whether you want it or not.

Still, make sure you don’t take it too far. Taking care of yourself is still as important as ever. Feeling like an alien for the sake of education is not worth it. Remember to keep in touch with your friends and family, talk to them as often as necessary.

 

Practice Constantly

Practicing language is not just about doing your homework. You can make practicing English a normal part of your daily routine by watching TV, listening to music, and reading books in this language. 

Yet, this is a bit tricky. When being surrounded by white noise, people tend to learn not to notice it. You need to ensure this doesn’t happen. As you watch movies or read books, maintain your attention on what you’re doing. If you hear or see a word that you don’t understand – translate it and write it down. Be mindful and remember what you’re doing this for.

 

Writing Is The Answer

If you want to specifically learn to write, you need to do one thing, and that is to write. Continuous practice will help you understand what mistakes you often make and, in time, eliminate them. Focus on your goal, and don’t get discouraged when something’s not working. After all, even Rome wasn’t built in a day!

Get a journal and write in it daily. Pick a new topic every time and note everything you can think of. It’s also important that you write by hand, a spelling checker in your computer is tempting, but it will not help you remember how to spell words correctly. 

Besides, journaling as a habit has multiple health benefits, and it can be therapeutic. It can help you get in touch with yourself and process your emotions better.

 

Learn In a Group

It’s proven that learning in a group is more efficient due to the sense of competition. Find a bunch of like-minded people who want to study with you or join an already existing one, like a speaking club.

The benefit of such activities is that you get all these people from entirely different backgrounds who are all good at various things. This will help you exchange experiences, which is impossible if you’re alone.

Schedule regular meetings, come up with topics to discuss and activities to do. You could watch videos or movies together, or talk about common things. Having assignments like describing an event can also be beneficial for the entire group. This way, while one person speaks, the rest think about how they would say the same things differently. 

This will help you feel more confident in your skills and, consequently, speak and write better.

 

Expose Yourself

The most important thing about learning a language is not to be afraid of making mistakes. It’s inevitable; you just have to take it as a natural part of a learning process. 

A child that is learning how to walk doesn’t give up after falling once, and you shouldn’t either. It’s most likely that your friends understand that you’re just learning a language, and they won’t laugh at you for misusing a word or a few. 

Get over that fear of error and make as many mistakes as it will take. Treat it lightly, and don’t beat yourself up for it. On the other hand, try to attend as many events as you can that will expose you to the foreign language. Not only will it boost your English skills, but also improve your social confidence!

 

Wrapping Up

Learning a language is hard; there’s no arguing about that. However, it’s going to get easier with time. Take every hard thing that life throws at you and turn it into a lesson. 

Watch your favorite movies in English, converse with native speakers, and you’ll see the improvement very soon!

Remember to be patient about it. Don’t give up, and don’t beat yourself up over something that you have so little control of. Good luck!

 

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